Below is our recent interview with Brad Price, the Founder at KarbonPay:
Q: Could you provide our readers with a brief introduction to your company?
A: A cloud-based, SaaS company, KarbonPay allows companies to invest in a unified multi-country payroll strategy to address and mitigate risks around statutory compliances and regulations, and optimize operational costs in the long run.
We restore total control and ownership of the payroll process to multinational companies.
Q: Any highlights on your recent announcement?
A: KarbonPay recently acquired XmartClock for both its employee time tracking features recurring revenue. XmartClock has customers in 22 countries and provides a cross selling opportunities for our KarbonPay products.
KarbonPay and XmartClock have raised over $1.1 million in capital to date.
KarbonPay and XmartClock have crossed over 6,000 in employees on our systems.
KarbonPay is active in South Africa and Mexico; we launch our Philippines rules engine in October, followed by UK, US, Colombia, Argentina and Brazil before the end of Q1 2022.
Q: Can you give us more insights into your offering?
A: Improving efficiency: Maintaining a legacy on-premises application can be problematic and costly. Advances in technology and new functionalities can improve the efficiency of running both in-house and outsourced payroll. For example, self- service, now a fundamental component of modern payroll solutions, can reduce the amount of time that payroll staff spend on data administration and the volume of help desk calls. Both application and BPO service vendors have been developing ways to use robotic process automation (RPA) in payroll processing, which reduces the human hours necessary to process payroll.
Standardization of processes: Identical processes for global payroll operations and support make it easier to ensure business continuity. If a central team is inoperative, a secondary team in a different geography can ensure continuing operations if an emergency like COVID-19 impacts a local team. While this is not possible for all payroll processes, some, such as handling payroll-related inquiry from employees, can be standardized. This also results in improved compliance due to the use of certified partner providers with more robust compliance support.
Reporting and analytics: Having unified payroll, data reporting and analytics is becoming strategically valuable. It can provide insights into labor costs and may also, for example, be used when planning to increase or decrease headcount based on the average cost of employment by country.
Vendor consolidation: Easier vendor maintenance, which should result in more opportunity for cost savings and improved service/product quality.
Unified experience for payroll administrators: Easier administration and generally easier use of the system. This can also support the use of shared service centers for payroll.
Improved compliance: A network of verified and certified partners that are closely linked to the central provider provides robust compliance support.
Autonomy: Restores ownership of the process – with no need for in-country partners.
Capability: Complex international tools (eg. instant language translation) is built-in.
Immediacy: Ability to calculate from their desktops immediately before payroll is due.
Q: What can we expect from your company in next 6 months? What are your plans?
A: Over the next six months, KarbonPay will expand to Philippines, UK, US, Colombia, Argentina, and Brazil while completing our integrations with our direct cash transfer partners, Recurly, QuickBooks and the ability to operate in crypto currencies.
Overall plans are to expand into 50 countries, grow direct sales along with our backend/while labelling discussions. Investor exit is anticipated to be primarily through dividends or an eventual buyout or public offering.
Q: What is the best thing about your company that people might not know about?
A: Our management team is second to none in terms of tackling this problem. Brad Price has spent the majority of his career in international human resources and has a unique experience with startups and customers. Rob Kleifgen spent most of his career in investment banking, working with customers similar to KarbonPay to prepare and implement capital raises.